Graft Polymer UK PLC on Friday it was confident in its strategy as it reported a narrowed interim loss.

The London-based developer and producer of alloyed polymers, biological supplements and drug delivery systems said pretax loss narrowed to £469,000 in the first half of 2024, from £1.1 million a year ago.

The company posted no revenue, compared to £240,000 a year ago.

Administrative costs decreased to £526,000 from £1.1 million.

Chief Executive Officer Anthony Tennyson, who was appointed in May, said: ‘I am confident that the strategic steps taken since my appointment positions Graft Polymer as an innovative biotechnology company focused on developing IP relating to the treatment of mental health and substance use disorders, and the co-development of therapeutics for mental health disorders. We are committed to delivering value to our shareholders as we continue this journey and I look forward to providing further updates on our progress.’

Graft Polymer shares fell 7.3% to 0.14 pence each on late Friday morning in London.

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